Japanese shares inched down on weak US profits

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Source: Dukascopy Bank SA
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Japanese equities were mostly lower on Wednesday as risk sentiment remained under pressure after Moody's cut credit rating on five regions in Spain. Dismal quarterly reports from the US also created pressure on Asian stocks. However, encouraging China's manufacturing data and softer Yen lent support for Japanese shares. The Nikkei 225 Index lost 0.67% to end the session at 8,954.30. Only two in ten sectors within the index rose. The only-gainers were consumer services and telecommunications. KDDI climbed 1.17%. Sharp was the top-gainer, rising 6.37% after it started selling its smartphones in China. Dragging Japanese shares lower, basic materials moved lower on disappointing results of El du Pont de Nemours. Hokuetsu Kishu Paper, Kobe Steel and Mitsubishi Chemical Holdings dropped 1.00%, 1.47% and 2.56%, respectively. Industrials also moved lower. Kawasaki Heavy Industries shed 5.86% after the firm almost halved its H1 operating profit forecast, citing weak sales amid economic slowdown in China and Europe.
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Wed, 24 Oct 2012 12:21:27 GMT

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US blue chips closed with big losses on Tuesday amid weak quarterly reports and fears that earnings will continue to shrink. Sending the US blue chips lower, Moody's downgraded five regions of Spain. Moreover, cautiousness among investors rose ahead of the FOMC meeting and ECB president's speech due on Wednesday. The Dow Jones Industrial Average Index plunged 1.82% to close

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